Teva Pharmaceutical International Inc. (NYSE: TEVA) reported fourth-quarter and full-year 2016 results before markets opened Monday. The company reported quarterly adjusted diluted earnings per share (EPS) of $1.38 and revenues of $6.5 billion. In the same period a year ago, Teva reported EPS of $1.28 on revenues of $4.88 billion. Fourth-quarter results also compare to consensus estimates for EPS of $1.35 and $6.25 billion in revenues.

For the full year, Teva reported EPS of $5.14 and revenues of $21.9 billion, compared with 2015 EPS of $5.42 and revenues of $19.65 billion. Analysts had estimated EPS of $5.11 and revenues of $21.67 billion.

On a GAAP basis, the company posted 2016 EPS of $0.07 and a net loss of $1.10 per share for the fourth quarter.

Adjusted earnings for the year excluded a net $4.9 billion, including, among other items, a $993 million charge for amortization of purchased intangible assets, a $900 million goodwill impairment related to the acquisition of Rimsa, legal settlements and loss contingencies of $888 million, and an impairment of long-lived assets totaling $746 million. The company also reported net gains $693 million related to divestitures, $76 million for a minority interest adjustment and $593 million from a tax benefit.

In its outlook statement Teva said it expects full-year revenues of $23.8 billion to $24.5 billion for the 2017 fiscal year and non-GAAP EPS in the range of $4.90 to $5.30. Analysts had forecast 2017 revenues at $23.69 billion and adjusted EPS of $4.83.

Dr. Yitzhak Peterburg, Teva’s CEO, said:

In 2017, our main focus will be extracting synergies related to the Actavis Generics transaction, driving additional efficiencies throughout the organization, supporting cash generation and paying down our debt to maintain a strong balance sheet and delivering on the promise of the specialty pipeline and key generic launches. We are laser focused on execution at this critical juncture and are determined to deliver on our key priorities.

Teva beat estimates on earnings and revenues for both the quarter and the fiscal year and its outlook for 2017 is better than the consensus estimates. Investors rewarded the stock with a boost of about 4.7% in Monday’s premarket session. Shares traded at $33.70, after closing at $32.79 on Friday, in a 52-week range of $31.90 to $59.35. The 12-month consensus price target is $42.70. Teva has a dividend yield of 4.22%.

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